THE LATEST ‘STATE OF THE STRIP DISTRICT’ REPORT SHOWS BUSINESS IS THRIVING IN THE NEIGHBORHOOD. | PHOTO: SHUTTERSTOCK

Business and hotel occupancy in the Strip District have just about recovered or exceeded levels reached before the pandemic hit in 2020, according to the fourth annual “State of the Strip District” 2024 report released this week.

The statistics show a thriving neighborhood on the upswing:

• Strip businesses saw 7.49 million visitors in 2023 — an increase of nearly 500,000 visitors from 2022.
• More than 3,200 residents live there now, a population that has tripled since 2015.
• Eleven new businesses, studios and restaurants opened in the Strip last year, with another seven expected this year. Among the new firms are Excelitas Technologies Co., Stack AV, Bizowie cloud-based software, Baird financial services, OrthoMidwest and BlackRhino Medical LLC. 

“Despite the influence of economic factors such as inflation and high interest rates, the Strip District has shown resilience with notable growth in retail, hospitality, and wages,” Pamela Austin, president, and board chair of Strip District Neighbors, which released the report, said in a release. “The Strip continues to be a powerful economic driver in Pittsburgh that attracts businesses, residents and out-of-town guests.”

BUSINESSES HAVE BEEN FILLING IN SPOTS OVER THE LAST FEW YEARS AT THE TERMINAL, WHICH STRETCHES FOR FIVE BLOCKS ALONG SMALLMAN STREET. | PHOTO: SHUTTERSTOCK

No new housing developments opened in 2023, but with another 1,961 units in the pipeline, the Strip’s residential population is expected to double again in the next two to three years, according to the report.

Rental occupancy rates are at 93.9%, higher than those of the Golden Triangle, North Shore and Greater Downtown. However, rents are higher than most other parts of the city. Average rental rates are $1,632 for a studio, $1,989 for a one-bedroom and $2,401 for a two-bedroom.

The report noted that while the neighborhood accounts for 25% of the city’s apartment inventory, it contributes nearly zero affordable units to Pittsburgh. Helm on the Allegheny, at 2239 Railroad St., has voluntarily set aside 33 units for a reduced rent program, according to the report.

While the vibrant retail and restaurant scene continues to drive visitors to the Strip, some types of businesses, such as fitness, have become saturated there, leading to closings. Three businesses closed: Elevate Fitness; the Honeycomb credit-financed Pip and Lola’s, a soap and sundry shop; and the franchise Beef Jerky Outlet. Among the seven new businesses this year are the Novo Asian Food Hall and Shake Shack in The Terminal.

THE NOVO ASIAN FOOD HALL, WHICH OPENED IN FEBRUARY AT THE TERMINAL, IS AMONG SEVERAL NEW BUSINESSES IN THE STRIP DISTRICT THIS YEAR. | PHOTO BY AIDAN MCCLAIN

The last “State of the Strip District” report showed that there were 6.99 million visitors to Strip businesses in 2022, so the latest report shows a boost of another half million visitors in 2023.

“As a long-time Strip District resident and owner of a fast-growing health care technology company located in the neighborhood, there’s no place in Pittsburgh that I’d rather be,” Joe Cardosi, CEO of Free Market Health, said in a release. “As our business has continued to evolve, the Strip District has been a great place to recruit talent due to the neighborhood’s convenient location, vibrant shops, walkability, and proximity to other prominent tech companies.”

Strip District Neighbors is a nonprofit that aims to promote economic development and quality of life in the Strip District while preserving its personality, integrity and character.